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The Forex Pattern Price Time Report - USD CHF - Morning Session
By: James Hyerczyk - 20-08-2008
0votesOvernight the USD CHF confirmed yesterday's closing price reversal top at 1.1032, but there was no follow through to the downside. This indicates that the market is still in strong hands. A trade through the reversal top will negate the signal and could launch another leg up.
Problems with the U.S. financial system are necessary for this market to break as traders will seek the safety and security of the Swiss Franc.
1.0865 is the key support. This price controls the short term direction of the market. A close under this price will be the best short signal with 1.0630 the next down side target.
Counter-trend traders have to read the market's up side momentum on the overnight retracement. If it appears to be a weak rally, then shorts can be initiated with stops above the reversal top at 1.1032. Aggressive traders can reverse positions to the long side if this top is violated.
PATTERN
Main Trend: Up
Main Trend Top: 1.1107 (02-13-08)
Main Trend Bottom: 1.0010 (07-15-08)
PRICE
1.1215 Gann Angle Down
1.1107 Main Trend Top (2-13-08)
1.1056 50% Retracement
1.1050 Gann Angle Up
1.1032 Closing Price Reversal Top (08-19-08)
1.1000 Overnight High
1.0920 New York Close
1.0895 Overnight Low
1.0865 .618 Retracement
1.0810 Gann Angle Up
1.0630 50% Retracement
1.0530 Gann Angle Up
1.0521 50% Retracement
TIME
Aug 23 180-Day Cycle
Attached Images
Next Analysis: The Forex Pattern Price Time Report - USD JPY - Morning SessionContent Provided by:
James Hyerczyk
James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.
Mr. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor.
DISCLAIMER:
Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. Prices in the underlying cash or physical markets do not necessarily move in tandem with futures and options prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. In no event should the content of this correspondence be construed as an express or implied promise or guarantee from James A. Hyerczyk and J.A.H. Research and Trading or its subsidiaries and/or affiliates that you will profit or that losses can or will be limited in any manner whatsoever. Loss-limiting strategies such as stop loss orders may not be effective because market conditions may make it impossible to execute such orders. Likewise, strategies using combinations of positions such as "spread" or "straddle" trades may be just as risky as simple long and short positions. Past results are no indication of future performance. Information contained in this correspondence is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
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